How Does A Shared Office Space Concept Work

There are a number of ways of effectively saving money, especially when it comes to a start up or when running a business on a small scale. One of the major problems that people who are trying to set up their own business space is the problem of space. Area and office spaces are so expensive that it is almost impossible for someone to build their own office until and unless running a million dollar company.

How Does A Shared Office Space Concept Work

When it comes to small companies and start-ups which primarily operate on limited funds and is run by an organization or an individual, the best way to save up some money and yet manage to find a nice office space for work is opting for the practise of shared office space. In fact if you look, the amount of shared office space in gurgaon, one of the most developed places in the country, is far more than space occupied by individual offices.

What is a shared office space?

Well the concept itself is given in the name. It is when two or more companies go into a mutual contract and understanding and rent or buy a space which they share to have their own respective companies set up. For example, if A and B decide to go into a mutual contract of a shared office space, then they will share a space where both the employees of A and B will function in separate compartments.

How does a shared office space function?

Well the concept is pretty simple but there are a lot of intricacies to the understanding which needs to be cleared out at the very beginning of the signing of the contract. There are some small time business men who actually rent one apartment and then make temporary walls to create different office spaces. There has to be a very god understanding between the two individuals who are opting for this contract, since one cannot encroach into the other’s place. Without proper understanding and mutual respect, a shared office space of a single apartment will never work. There are some offices and set ups that hire may be two floors of a building and share the space in the building or may be two apartment spaces, facing each other. In case of such a thing, the chances of friction are very less, until and unless, one decides to mess with the other. One very important thing that you need to make sure is that the contract drawn should be to the last detail. It might so be that one is the owner of the apartment and the other is leasing a little bit of space of it, then the MOU or the Memorandum of Understanding needs to be drawn out to the last detail to avoid any kind of conflict of interest. All the parties entering into the agreement must thoroughly read the legal papers so that they know what are their rights and if there any problematic areas that they need to address.

Do make sure that these things are taken care of and the process of sharing a work space will pan out fine for anyone.

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